WallStSmart
DVN

Devon Energy Corporation

NYSE: DVN · ENERGY · OIL & GAS E&P

$51.08
+3.23% today

Updated 2026-04-29

Market cap
$31.74B
P/E ratio
12.25
P/S ratio
1.98x
EPS (TTM)
$4.17
Dividend yield
1.94%
52W range
$29 – $53
Volume
15.2M
OverviewPrice TargetsFinancialsValuationInsidersEarnings

Devon Energy Corporation (DVN) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Price target summary

Current
$51.08
Consensus
$49.60
-2.90%
2030 Target
$395.92
+675.10%
DCF
$60.05
+25.13% MoS
21 analysts:
11 Buy4 Hold0 Sell

Management guidance

No specific revenue guidance disclosed in available materials. CEO commentary focuses on maintaining disciplined capital allocation and activity levels despite oil price volatility, with emphasis on free cash flow generation post-Coterra merger (Q2 2026). Management emphasizes holding activity steady even as crude exceeds $100/barrel, suggesting conservative production outlook.

Sources: Management guidance, analyst consensus, sector analysishigh confidence

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range
Bull case (2030)
$658.22
$20.4B Rev × 20x P/S
Base case (2030)
$395.92
$20.4B Rev × 12x P/S
Bear case (2030)
$262.30
$20.4B Rev × 8x P/S

Financial forecast — research-backed

Metric2023202420252026 (E)2027 (E)2028 (E)2029 (E)2030 (E)
Revenue$15.1B$15.6B$17.1B$18.3B$18.7B$19.2B$19.8B$20.4B
Revenue growth—2.8%10.0%14.3%2.0%2.7%3.1%3.0%
EPS$5.70$4.83$3.91$3.20$3.89$4.15$4.45$4.75
P/S ratio———12.0x12.0x12.0x12.0x12.0x
Implied price———$356.33$361.28$371.18$381.07$395.92

Catalysts & risks

Growth catalysts
+ Coterra Energy merger completion (Q2 2026) creating $58B 'Mega-Independent' with enhanced free cash flow
+ Oil prices sustained above $100/barrel from geopolitical tensions (Iran, Hormuz Strait)
+ Enhanced shareholder capital return program post-merger integration
+ Operational synergies and cost-saving initiatives from combined company
+ Strong institutional investor positioning ahead of merger close
Key risks
- Oil price volatility and reversion to midcycle levels ($60-75/barrel scenario)
- Geopolitical de-escalation reducing 'war premium' on crude
- Merger integration execution risk and regulatory uncertainties
- Energy sector commodity price cyclicality and demand uncertainty
- Management's stated discipline on capital spending despite high oil prices may constrain production growth

Methodology

Devon Energy Corporation's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 21 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

WallStSmart proprietary research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 7, 2026.